Acquisition Announcement Causes Premarket Buying Pressure

Acquisition Announcement Causes Premarket Buying Pressure

By: Tomas Ronolski - News

Tuesday, September 20, 2022

The word ‘acquisition’ typically is one of the biggest catalysts for shares of publicly traded companies. Tuesday’s premarket is currently proving this theory after it was announced that Rocket pharmaceuticals (Nasdaq:RCKT) has agreed to acquire Renovacor (NYSE American:RCOR) in an all-stock deal for an implied value of about $2.60/share, according to the release. 

Renovacor Inc is a preclinical stage gene therapy company developing a pipeline of innovative and proprietary AAV-based gene therapies for BAG3 gene mutation-associated diseases in areas of high unmet medical need. Its therapeutic focus is on cardiovascular disease, with a lead program in BAG3 mutation-associated dilated cardiomyopathy.

Traders appear to be eager to get their hands on shares of this Connecticut-based biotech company as shares are currently bid up at $2.12/share (+11.58% implied open for sellers) at the time of writing. This move could be the gap up this stock has needed to breakout of its multi-month trading range it has been stuck in.

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